You are here: Home - Mortgages - Buy To Let - News -

Government announces £1.3bn investment in homes, infrastructure and jobs

0
Written by: Emma Lunn
04/08/2020
The money will deliver up to 45,000 homes and create up to 85,000 jobs as part of a green economic recovery.

Housing secretary Robert Jenrick has announced that more than 300 “shovel-ready” projects in England will share a £900m investment to build homes and infrastructure, and create jobs.

The move is part of the government’s plan to deliver upgrades to local infrastructure and boost skills to help fuel a green economic recovery.

The £900m Getting Building Fund was first announced by Boris Johnson in June. As well as building homes and creating jobs, the investment is expected to reduce about 65 million kilograms of CO2 emissions across England.

Robert Jenrick, housing secretary, said: “As we get Britain building we are also laying the foundations for a green economic recovery by investing in vital infrastructure for local communities, creating jobs and building environmentally-friendly homes with a huge £1.3bn investment announced today.

“This government is determined to level up all parts of the country and this funding will not only give a much needed boost to our economic recovery, it will help build the good quality, affordable homes the country needs.”

Projects being funded include:

  • £23m for phase 1 of the development of commercial space at Mayfield Park in Greater Manchester, expected to deliver 3,200 jobs and attract more than 1 million visitors a year
  • £14.88m to accelerate the National Brownfield Land Institute, a project aiming to create a leader in sustainable construction which will support the housing deal and drive levelling up across the region
  • £12m to support a new high-speed railway station in Thanet, Kent, improving transport in the area and creating 800 new jobs

Green Homes Grant

Details of the new £2bn Green Homes Grant scheme, which will see the government fund up to two-thirds of the cost of home improvements of more than 600,000 homes, have also been announced.

This scheme was first announced by chancellor Rishi Sunak in the summer budget.

Tradespeople must register for TrustMark accreditation to take part in the scheme, which will cover green home improvements such as the insulation of walls, floors and roofs, and the installation of low-carbon heating, such as heat pumps or solar thermal.

The government says these measures could help homeowners save up to £600 a year on their energy bills.

Households on low income can receive vouchers covering 100% of the cost of the improvements, up to a maximum of £10,000.

Alok Sharma, business and energy secretary, said: “Green home improvements will save people money on their energy bills, help to cut carbon emissions, and create new work for many thousands of builders, plumbers and other tradespeople.

“Our TrustMark scheme will guarantee that building work is completed to a high standard by accredited tradespeople, ensuring consumers are fully protected.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Natwest slashes savings rates

Natwest has cut the interest rates it pays on a number of savings accounts, including the Savings Builder which will...

Close